Political debate over gas prices heats up


MSNBC—Donald Trump told voters he could lower gas prices. In retrospect, that was unwise.

How Cartels and Political Uncertainty Cause Rising Oil and Gas Prices. The price of West Texas Intermediate (WTI) crude oil rose from just over $30 per barrel in February 2015 to fluctuate around $50 per barrel over the next few years. Since last September the price has increased from $50 to around $70 per barrel. Politics is at the heart of the recent increase. First, 18 months ago the Organization of Petroleum Exporting Countries (OPEC) orchestrated a production cutback among both its members and major non-OPEC producers seeking to boost oil prices. Most cartel...